We are soon to exchange buying a property in Tooting but as a result of damage from a small fire at the property I have managed to agree compensation from the current proprietors in the sum of £3k in the form of a reduction in the price. This was going to be addressed as part of a side agreement but Santander are not allowing this. Why were they involved?
Any solicitor that is on the Santander conveyancing panel is required to inform Santander of any amendments to the purchase price. If you prohibit your lawyer to disclose the price change to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new property lawyer for your conveyancing in Tooting.
I purchased a freehold property in Tooting but still pay rent, why is this and what is this?
It’s unusual for properties in Tooting and has limited impact for conveyancing in Tooting but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
About to place an offer on a leasehold property in Tooting. The property agents assure me that it is normal for flats in Tooting to have less than 75 years left on the lease. I am obtaining a mortgage with Virgin. Will the property be mortgageable given that the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/5/2021 the requirements read as follows :
Are there restrictive covenants that are commonly picked up as part of conveyancing in Tooting?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Tooting. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Tooting differ for new build properties?
Most buyers of new build residence in Tooting come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Tooting usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Tooting or who has acted in the same development.
I'm refinancing my current house to a buy to let loan with Lloyds TSB Bank and I will use the rest of the raised equity as a deposit on further house. The area we are talking about is Tooting. Will your solicitors be able to act for both sets of banks and link together the transactions?
Do use our search tool on this site to ensure that the conveyancers are approved by both banks. Having checked that they are the conveyancer will be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and specify your expectations and needs.